The Poor Will Inherit the Earth - By Uri Dadush and William Shaw A generation ago, developing countries only hit the economic headlines when a Latin American country defaulted or a Saudi minister announced a new oil price target. The Soviet empire still lorded over Eastern Europe; China and India remained largely closed to the world; and conflict, disease, and corrupt regimes kept sub-Saharan Africa's population mired in poverty and economic isolation. But today, developing countries are propelling the world economy. Already, four (China, India, Russia and Brazil) of the seven largest economies are developing countries. Thirty years of 10 percent annual growth has transformed China from a poor, agrarian economy to an industrial giant and the world's second-largest economy. In Juggernaut: How Emerging Markets Are Reshaping Globalization, we predict that, in the next generation, Japan and Germany will fall further behind and the United States will be the only advanced country to rank among the world's seven largest economies Feng Li/Getty Images
Today Finland officially becomes first nation to make broadband Starting today (July 1), every Finnish citizen now has a guaranteed legal right to a least a 1Mbps broadband connection, putting it on the same footing as other legal rights in the country such as healthcare and education. As we reported last year, Finland was the first nation in the world to pass this type of legislation, followed by Spain in November. The Finish government has promised guaranteed speeds of 100Mbps by 2015 for all of its citizens, and currently about 97% of Finns already have access to broadband connections. As our @Zee mentioned last year: “the fast growth of technology has led the European Commission to bring forward a review of the basic telecoms services Europeans can expect.” And as this blog points out: “This is no mean feat in a geographically challenging region, with a quarter of the country lying above the Arctic Circle. Finland’s communication minister Suvi Linden told the BBC that, “We considered the role of the internet in Finns everyday life.
Palin scrubs Facebook page over Wall Street Journal correction | Raw Story By David EdwardsTuesday, November 9, 2010 15:36 EDT Sarah Palin may have finally proved that she does read newspapers. But one reporter seems to be challenging if she actually understands what she reads. In a speech to a trade-association conference in Phoenix Monday, Palin asserted that food prices “have risen significantly over the past year or so.” The next day, The Wall Street Journal‘s Sudeep Reddy pointed out that inflation of food prices had actually remained historically low. “Grocery prices haven’t risen all that significantly, in fact,” wrote Reddy. The consumer price index’s measure of food and beverages for the first nine months of this year showed average annual inflation of less than 0.6%, the slowest pace on record (since the Labor Department started keeping this measure in 1968). Palin fired back on her Facebook page with a post titled “Do Wall Street Journal Reporters Read the Wall Street Journal?” “Really?” David Edwards
Coyle, D.: The Economics of Enough: How to Run the Economy as If the Future Matters. The world's leading economies are facing not just one but many crises. The financial meltdown may not be over, climate change threatens major global disruption, economic inequality has reached extremes not seen for a century, and government and business are widely distrusted. At the same time, many people regret the consumerism and social corrosion of modern life. What these crises have in common, Diane Coyle argues, is a reckless disregard for the future--especially in the way the economy is run. How can we achieve the financial growth we need today without sacrificing a decent future for our children, our societies, and our planet? Running the economy for tomorrow as well as today will require a wide range of policy changes. Creating a sustainable economy--having enough to be happy without cheating the future--won't be easy. Reviews: "In The Economics of Enough, Ms. "If widely read, [The Economics of Enough] could be the twenty-first century's basic action manual. More reviews Italian
Jeffrey Sachs: How the Wall Street Journal Distorts the Truth About Taxes The Wall Street Journal is the leading mouthpiece for cutting taxes for the rich. The Journal editorial board is fully in the service of that cause. An editorial at the start of this week ("Where the Tax Money Is," April 18, 2011) is a vivid case in point. I direct readers to the "Summary of Latest Federal Income Tax Data" presented by the Tax Foundation, October 6, 2010, No. 249. Consider the top 1% of taxpayers. The Journal writes that it is impossible to get enough income out of the top 1% to close the deficit, and invites us to undertake the "thought experiment" of taxing all of the income this group. If the tax rate were 100% rather than 23% (and assuming in the Journal illustration an unchanged AGI), the extra revenues would be $1,300 billion, or 9 percent of GDP. With great bravado, the Journal claims that even the income of the top 10% of the taxpayers wouldn't close the deficit. The real point is obvious.
The BitCoiners Strike Back Even if hypothetical where a "hacker" could create fraudulent Bitcoins, how in the world is that potentially more inflationary than our current fiat system with a "discretionary" monetary policy? It might not be more inflationary than every real or imaginable monetary policy of central banks. But it certainly has the potential to be more inflationary than the fiat money of the United States has proven to be. We have a long history of Federal Reserve notes. There is no similar history for BitCoins. What's more BitCoins exhibit far more volatility than dollars. Sunday's hacking took place on an exchange—a better analogy would be blaming grain growers for a faulty product if there were a problem at the commodity exchange. Actually, the best analogy would be a stock traded on an exchange. Why would you say it isn't a currency? It doesn't behave like a currency. Look, money is mostly useful for exchange purposes. Maybe not. Questions?
How to Save Cleveland You want a quick indicator of urban decline in any city you visit? Ask a local what’s great about the place. If the top three answers include “a world-class symphony orchestra,” you’re smack dab in the middle of a current or future ghost town.... Phil Woolas will not return to Labour, Harman suggests 7 November 2010Last updated at 12:00 Mr Woolas narrowly won his Oldham East and Saddleworth seat Ex-minister Phil Woolas will not return to Labour even if he wins his appeal against the decision to strip him of his seat, Harriet Harman has suggested. "It is not part of Labour's politics for somebody to be telling lies to get themselves elected," the party's deputy leader said. An election court barred Mr Woolas from politics for three years for making false statements against his opponent. A successful appeal would not change those findings of fact, Ms Harman said. Mr Woolas was suspended from Labour after the first judgement of its kind by an election court for 99 years. The court was told Mr Woolas stirred up racial tensions during a campaign which saw him retain his Oldham East and Saddleworth seat by 103 from Lib Dem candidate Elwyn Watkins. Mr Woolas has said he intends to seek a judicial review of the decision, which Labour - who have suspended him - are not supporting. Phil Woolas